Common use of Split Dollar Insurance Clause in Contracts

Split Dollar Insurance. The Company has given notice to ---------------------- Executive of its election to terminate the Split-Dollar Agreement - Collateral Assignment By Executive/Owner, entered into on August 11, 1989 between the Executive and Monsanto Company, to which agreement the Company is successor-in-interest (the "Collateral Assignment Agreement"), pursuant to Article XIII, Section 2 thereof. Executive shall surrender to Connecticut General Life Insurance Company ("Connecticut General") life insurance policy number 5052671Z with the request that Connecticut General pay to the Company from the proceeds of such surrender an amount equal to the sum of the Company's Interest in each such Policy (as defined in the Collateral Assignment Agreement). Upon its receipt from Connecticut General of such amount, the Company will release its interest in the policy referenced in the preceding sentence. Its release of its interest in the policy shall constitute a discharge and satisfaction in full of any and all obligations to the Company under the Collateral Assignment Agreement.

Split Dollar Insurance. The Company has given notice to ---------------------- Executive of its election to terminate the Split-Dollar Agreement - Collateral Assignment By Executive/Owner, entered into on August 11, 1989 between the Executive and Monsanto Company, to which agreement the Company is successor-in-interest (the "Collateral Assignment Agreement"), pursuant to Article XIII, Section 2 thereof. Executive shall surrender to Connecticut General Life Insurance Company ("Connecticut General") life insurance policy policies number 5052671Z CUL002164Z and CUL021761Z with the request that Connecticut General pay to the Company from the proceeds of such surrender an amount equal to the sum of the Company's Interest in each such Policy (as defined in the Collateral Assignment Agreement). Upon its receipt from Connecticut General of such amount, the Company will release its interest in both of the policy policies referenced in the preceding sentence. Its release of its interest in the policy policies shall constitute a discharge and satisfaction in full of any and all obligations to the Company under the Collateral Assignment Agreement.